Akzo Nobel Signs Agreement to Acquire Chemcraft

May 24, 2007  by in UnCategorized   

By Home Furnishings Business in Case Goods on May 2007 Akzo Nobel has agreed to acquire Chemcraft Holdings Corp., North America’s largest privately-owned manufacturer of industrial wood coatings.

Louisville, Ky.-based Akzo Nobel, a supplier of wood coatings for furniture, views the acquisition as a way to increase its North American business.

“This is a strategically important acquisition which will enable us to add scale and value in a number of key North American wood coatings markets,” said Akzo Nobel CEO Hans Wijers. “Chemcraft is a perfect fit with the activities of our Industrial Finishes business and will considerably enhance our presence in several complementary markets.”

Established in 1976, Chemcraft operates nine manufacturing facilities across the United States, Canada and Brazil, employing around 500 people. The company’s 2006 revenues were $145 million.

Subject to receipt of regulatory approvals the acquisition is expected to be completed in the third quarter of 2007.

“This transaction is an excellent fit with our strategic goals, and supports our long-term commitment to the North American market,” said Robert Taylor, president and general manager of Akzo Nobel’s Global Industrial Finishes business. “Chemcraft is a dynamic, customer-focused organization which is perfectly aligned with the way we do business. Bringing these two successful businesses together will enhance our ability to better serve our wood customers.”